ICICI Merchant Services, the newly-formed joint venture (JV) between ICICI Bank and First Data Corporation (FDC), plans to expand its Point-of-sale (PoS) terminal network to 500,000 over the next five years, according to a senior FDC executive.

At present, the bank has a merchant acquiring network of 150,000 terminals.

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The total valuation of the JV is $80 million (about Rs 368 crore), according to a senior ICICI Bank executive. FDC is currently owned by private equity giant KKR. The deal was struck a few months back, but was awaiting regulatory approval from the Reserve Bank of India.

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